What is the most complex thing about business management? You can probably think of tons of things. From payments to supply chain and everything in between, business operations can require meticulous attention to detail. Blockchain can be a powerful tool to help you create a transparent channel for all business communications.

But how?

That is the big question.

Blockchain has become more than just an underlying framework that supports Bitcoin. Over the past few years, it has garnered more attention than the Bitcoin that currently stands at $ 15,000 value. 

Let’s see how this transformative technology can help you make business processes easy.

1. Digital Employee Payment System

Employee payment is a headache you have to take on every month. There’s no escape from it. Unless you are open to Blockchian.

One of the biggest benefits of Bitcoin is transparent money transfer without the need for central banks or hefty transfer costs. Since blockchain has its roots in enabling cryptocurrency, it makes perfect sense to utilize it for money transfers and employee compensation.

Now how would that help you?

Remember the big fat fee attached to the money you transfer to the international contractors? Blockchain removes that fee and gives you a chance to save money on regular payments.

Bitwage is the world’s first Bitcoin-based system for employee payment. It aims to eliminate the costs associated with transferring money internationally. In addition, just like Bitcoin, money transferred through a blockchain enabled technology has a transparent record helping you keep track of transactions.

Imagine how much that would help you save every year. 

2. Traceable Supply Chain Management

Blockchian enabled technology allows you to track the goods as they move across the supply chain, helping supply chain managers keep a record of the movement of goods. They can easily record quantity and origin of the goods. This, at the end, allows you to have a transparent system that enables smooth payments and production processes.

3. Improved Quality assurance

Once the blockchain enables transparency for your business’s supply chain, it readily detects irregularities that may prove harmful to the production process. The system can lead you all the way to the point of origin to fix the problem from its root. This makes investigations simpler and quick allowing you to take timely actions when necessary.

4. Protected and Traceable Accounting Activities 

Another important aspect of business where Blockchain can lend a hand is the accounting. With Blockchain, human error is completely eliminated and data protection is ensured. This essentially means that nobody can tamper with your company’s sensitive data. In addition, when every transaction goes through Blockchian, it is verified and stored for easy audit. 

All in all, the entire accounting process becomes much more efficient. 

Final thoughts: Blockchain is here to make things is easy for you. So embrace it today to make tomorrow much more profitable. In the coming posts, we will be discussing how to hire a Blockchain developer for your business without breaking the bank.

Before you get started, take a look at these articles for more information:

Looking To Integrate Blockchain Into Your Business? Here’s How

The growing list of applications and use cases of blockchain technology in business & life

About Nexapp

Nexapp.io is a software development and design agency committed to helping small and large enterprises find the best possible solution for their software needs. Learn more about software development best practices here.  For questions and queries, contact us here.

Subscribe to get articles like this right in your inbox.

Enjoyed the article? Don't forget to share!